Student Loans – CEC UGC http://cec-ugc.org/ Mon, 20 Jun 2022 23:14:49 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://cec-ugc.org/wp-content/uploads/2021/05/default-150x150.png Student Loans – CEC UGC http://cec-ugc.org/ 32 32 Houston Academy grad starts auto detailing business to avoid student loans https://cec-ugc.org/houston-academy-grad-starts-auto-detailing-business-to-avoid-student-loans/ Mon, 20 Jun 2022 22:21:00 +0000 https://cec-ugc.org/houston-academy-grad-starts-auto-detailing-business-to-avoid-student-loans/ DOTHAN, Ala. (WTVY) – On the corner of Fortner Street and Stonebridge Road you will find Kam’s Car Care. “I detail everything outside and inside the car, I can shampoo the carpets, clean the stains”, explains Kameryn Mitchell. Mitchell’s summer business venture is her ticket to no student loans next year. “Trying to chart your […]]]>

DOTHAN, Ala. (WTVY) – On the corner of Fortner Street and Stonebridge Road you will find Kam’s Car Care.

“I detail everything outside and inside the car, I can shampoo the carpets, clean the stains”, explains Kameryn Mitchell.

Mitchell’s summer business venture is her ticket to no student loans next year.

“Trying to chart your own path, instead of looking to your mom, dad or grandparents for a gift,” says Mike Palmer, Kameryn’s father. “He always wanted to work. He always wanted to have his.

The young automotive designer remains focused on the finished product.

“I like to see the before and after,” says Mitchell. “I like seeing a dirty car and then being able to clean it up and make it look better for my customers.”

Raising almost $2,000 in just three weeks, he thinks his price is right.

Mitchell continues, “Big companies will charge around $100, $150 just for a Sudan or things like that, but I wanted to go to the cheaper side so I could get more customers.”

His commitment sets him apart.

“If I see something that other people have to turn down because they don’t think they can clean it up, I feel like I have the dedication to spend time on things like that and put the details in to do it,” Mitchell said. .

The intense heat didn’t stop Mitchell from reaching his goal of $6,000.

He even cleaned a boat, and this week he’s going to clean the exterior of an airplane.

Mitchell plans to attend Troy University in the fall.

If you would like to support Kam’s Car Care, call (334) 718-6739 to schedule an appointment.

Copyright 2022 WTVY. All rights reserved.

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Letters to the Editor – Juneteenth, Inflation, Dallas City Manager, Student Loans, Guns https://cec-ugc.org/letters-to-the-editor-juneteenth-inflation-dallas-city-manager-student-loans-guns/ Sun, 19 Jun 2022 06:00:43 +0000 https://cec-ugc.org/letters-to-the-editor-juneteenth-inflation-dallas-city-manager-student-loans-guns/ Juneteenth is unity Anyone who pays attention to the news recognizes that America is steeped in deep racial division. We need a cause celebre to bring people together. I propose that Juneteenth could be that cause. June 19 refers to the June 19, 1865 cavalcade of troops that marched through Texas to enforce the previously […]]]>

Juneteenth is unity

Anyone who pays attention to the news recognizes that America is steeped in deep racial division. We need a cause celebre to bring people together. I propose that Juneteenth could be that cause.

June 19 refers to the June 19, 1865 cavalcade of troops that marched through Texas to enforce the previously signed proclamation declaring that all slaves were to be immediately freed. If the dissolution of slavery in America isn’t significant enough for all Americans to celebrate, consider this: Juneteenth is the only American holiday tied in any way to the reunification of the United States.

While the civil war is long over, our nation has not healed and we are not united as a people. Juneteenth commemorates the idea that two Americas cannot stand and that unity is possible if we work for it. We do not know the depth of our conflicts, because we hide from interaction and discussions with different cultures.

As we celebrate June 19 on Sunday, I encourage all citizens to consider what each individual can do to promote a more perfect union and to show up for at least one June 19 celebration in your area. We are the change we seek.

Sharon Cranford, Cedar Hill

things got worse

I’m old enough to have bought my first home in Dallas in 1979. My mortgage interest was in double digits. In 1980, inflation peaked at over 14%. Unemployment was more than double what it is today. At least my money market fund also paid double digit interest.

Not to minimize today’s economic problems, as real as they are, but people need to take a deep breath and recognize that things have been much worse and we have recovered well. There are far more serious threats to our well-being: climate change, partisanship destroying our democracy, the rise of fascism at home and abroad, unbridled gun violence, and the inability of millions of Americans to separating fact from fiction, driven by the pernicious advent of social media. . Focus on the real dangers. The economy will recover. It always has been.

Paul SokalDallas

Dallas needs major changes

Subject: ‘Economic fairness can’t wait—Dallas’ ambitious development plan was approved last year, but policies that impede progress remain,’ June 9 editorial.

I want The Dallas Morning News consider presenting a series exploring the political structure of Dallas. To begin to make real progress toward more equitable outcomes and sustained economic growth in the City of Dallas, major short- and long-term transformational change is needed. The city will never achieve this with its current political structure.

A strong mayor system, or something similar, is needed. This idea should be carefully considered for the public to see.

Michael Grace, South Dallas

It’s time for Broadnax

Re: “Broadnax under fire – City manager could face disciplinary action and be fired on Wednesday”, report from June 11.

It’s time. The building permit process has been halted for years and it is costing our city dearly on many levels. As good as our economy may look, we are losing more reinvestment as well as new construction due to the tremendous difficulties in this department.

As a commercial real estate broker and landlord this confuses me and has made buying a property in Dallas to renovate very difficult to the point that one has to assess the risk of the unknown when buying a property . For the city manager to dismiss this question as exaggerated and disrespect one of Dallas’ biggest defenders, Linda McMahon of the Real Estate Council, shows just how out of touch he is. We cannot let this continue.

Michael GeislerDallas

Reducing student debt is a bad idea

Re: “Biden Shouldn’t Cancel Student Debt – Tempting Ahead of Midterm Elections, But This Plan Is Regressive, Unfair, and Partisan,” Wednesday’s editorial.

Thank you for your op-ed on the president’s misguided proposal to cancel billions in student debt. It is indeed regressive, partisan and unfair. I can’t imagine the anger on the part of those who didn’t go to college at all, but whose taxes will pay for this calculated political stance, those who worked hard to minimize or avoid student debt, or those who have worked diligently and responsibly to pay the obligations to which all have knowingly consented. Bad, bad idea!

Carol Denton, Dallas/Preston Hollow

Remember corporate bailouts

How do you balance objection to consumer debt relief while failing to hold the commercial sector to the same standard? Adding up all the taxpayer funds that were “unwittingly” donated to large and medium-sized businesses, I get a much higher number.

I take up your remarks which pushed to the extreme, this idea is regressive. However, this is an argument of scale and implementation rather than merit. Let’s be honest, nobody likes taxpayers’ money being used for something they don’t personally approve of, but that’s part of life in a pluralistic society.

Benjamin Kechley, Boston

Preferred unarmed dinner

The attack on the children’s summer camp in Duncanville is just another reminder that guns have no place in public places and don’t make us feel safer.

We eat every Friday in several good restaurants. Recently we went to one and ordered our meal. Two couples came in and sat across from us. Both men had rifles on their hips. We debated leaving, but finished our meal.

We will find another place to eat next time. There was nothing stopping these men from suddenly getting angry with anything and using these weapons. Today, I believe the only way to be safe is not to go to places where people are allowed to carry guns.

Fred WellsDallas

We welcome your thoughts in a letter to the editor. Consult the instructions and drop your letter here.

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What the Fed’s rate hike means for credit cards and student loans https://cec-ugc.org/what-the-feds-rate-hike-means-for-credit-cards-and-student-loans/ Wed, 15 Jun 2022 20:39:18 +0000 https://cec-ugc.org/what-the-feds-rate-hike-means-for-credit-cards-and-student-loans/ The Fed’s decision to raise its key rate by three-quarters of a percentage point is good news for savers, but less so for borrowers: they can expect to pay more on credit card debt, loans automobiles and some student loans. [Here’s what the Fed’s decision means for mortgages.] Credit card Credit card rates are closely […]]]>

The Fed’s decision to raise its key rate by three-quarters of a percentage point is good news for savers, but less so for borrowers: they can expect to pay more on credit card debt, loans automobiles and some student loans. [Here’s what the Fed’s decision means for mortgages.]

Credit card rates are closely tied to Fed actions, so consumers with revolving debt can expect to see these rates increase, usually within one or two billing cycles. The average credit card rate was 16.73% recently, according to Bankrate.com, compared to 16.34% in March.

“With the frequency of Federal Reserve rate hikes this year, it will be a drumbeat of higher rates for cardholders every two statement cycles,” said Greg McBride, chief financial analyst at Bankrate. com. “And the cumulative effect is growing. If the Fed raises rates by a total of three percentage points this year, your credit card rate will be three percentage points higher by the first of the year.

Auto loans are also expected to climb, but those increases continue to be overshadowed by the rising cost of buying a vehicle (and the pain of what you’ll pay at the gas pump). Auto loans tend to track the five-year Treasury, which is influenced by the federal funds rate — but that’s not the only factor that determines how much you’ll pay.

A borrower’s credit history, vehicle type, loan term, and down payment all factor into this rate calculation.

The average interest rate on new car loans was 5.08% in May, according to Dealertrack, which provides business software to dealerships. That’s almost a full percentage point higher than in December 2021, when rates hit their lowest point since 2015 and when the company started tracking rates.

The average rate for used vehicles was 8.46% in May, also nearly a percentage point higher than in December. But these rates vary widely; borrowers with the lowest credit scores received average rates of 20% in May, Dealertrack said, while people with the cleanest credit histories received rates of 3.92%.

Whether the rate increase will affect your student loan repayments depends on the type of loan you have.

But new batches of federal loans are priced each July, based on the auction of 10-year Treasury bonds in May. Rates on those loans have already jumped: Borrowers with federal undergraduate loans disbursed after July 1 (and before July 1, 2023) will pay 4.99%, up from 3.73% for loans disbursed the year before. .

Private student borrowers should also expect to pay more; Fixed-rate and variable-rate loans are linked to benchmarks that track the federal funds rate. These increases usually appear within a month.

But the Fed is not done and has forecast rates reaching 3.4% by the end of 2022. Private lenders will likely incorporate these and other expectations into their interest rates as well, meaning that borrowers could end up paying 1.5 to 1.9 percentage points more. , depending on the length of the loan, explained Mark Kantrowitz, student loan expert and author of “How to Apply for More College Financial Aid.”

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After years of public service, some still can’t apply for student loan forgiveness https://cec-ugc.org/after-years-of-public-service-some-still-cant-apply-for-student-loan-forgiveness/ Tue, 14 Jun 2022 07:22:12 +0000 https://cec-ugc.org/after-years-of-public-service-some-still-cant-apply-for-student-loan-forgiveness/ A short-lived program in the early 2000s allowed married couples to consolidate their student loans at a lower interest rate. Now many are missing thousands of dollars in loan forgiveness. Teachers, firefighters and government workers are clamoring to disentangle their student loans from those of their spouses in time to clear their debt with the […]]]>

A short-lived program in the early 2000s allowed married couples to consolidate their student loans at a lower interest rate. Now many are missing thousands of dollars in loan forgiveness.

Teachers, firefighters and government workers are clamoring to disentangle their student loans from those of their spouses in time to clear their debt with the Forgiveness of Public Service Loans (PSLF). President Biden revamped the program last October, but to receive the benefits — including student loan forgiveness after 120 qualifying payments — borrowers must have their paperwork by October this year.

“We keep getting these notices about, ‘Hey, waiver of public service loan forgiveness, you might qualify. Try it,’” says Becki Vallecillo, a longtime kindergarten teacher in Anderson, SC.” And it’s heartbreaking every time.”

Vallecillo and her husband, Eric, found out early on that they didn’t qualify. As a kindergarten teacher and school counselor, she meets all the criteria, except one: her loans are consolidated.

She was on the phone several times with her loan officer. “The last time I did it, I was literally in tears at the end. I had spent about four hours on a Saturday getting transferred and bouncing back: ‘Go to this website, do this paperwork, talk to that person'” Vallecillo said. But the answer is always the same.

More than 14,000 borrowers combined their student loan debt in the late 1990s and early 2000s through a process called spousal consolidation. It offered borrowers the allure of a single monthly payment and a lower interest rate.

But there was a fundamental flaw: the program had no way to separate the original loans once merged. Even in cases of divorce or domestic violence, these debts cannot be unwound. Congress eliminated the spousal consolidation option in 2006, but never created a system for dealing with participating borrowers.

Today, many borrowers – regardless of their marital status – are missing thousands of humanitarian aid. In many cases, the combined debts exceed $100,000, and in some cases the couples owe more than $200,000.

Two Democratic lawmakers: Sen. Mark Warner of Virginia and Rep. David E. Price of North Carolina say they have a simple solution: change the wording and allow loan separation. They first introduced a bill to that effect in April 2021, but since then the Joint Consolidation Loan Separation Bill has become embroiled in the larger student loan forgiveness debate.

“I’m not saying you should just get rid of all student loans, which would be great, right? says Patrick Shattuck, an English teacher at Santa Ynez High School in California. “I just say, ‘Can I please pay my share?’ That’s all I want to do.”

Shattuck is divorced and still owes over $170,000 in combined debt to his ex-wife, the vast majority of which is not his.

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A few months ago, after an NPR article looked at the program, affected borrowers began working together to coordinate their lobbying efforts. They formed a Facebook group, which now has nearly 400 members from across the country, in hopes of reframing the issue. It worked. Their efforts brought the bill back to the Senate with renewed hope in May.

“It’s almost like the minute this comes to the politicians’ attention, they’re like, ‘this is a slam dunk,'” Shattuck said.

But the invoice is already blocked again. And with the prospect of broader loan cancellation looming, borrowers and lawmakers are getting nervous.

“I want to cry because I’m like, ‘Oh my God, what have we done?’ “says Cynthia Malone. She is a licensed clinical social worker with the Office of the Public Defender in Columbia, Missouri. She works with the death row population and the appeals process to review claims.

She is married to a probation officer. Between them, they have decades of public service — and more than $110,000 in student loans combined.

Malone says the hardest part of their situation is watching co-workers with the same experience — but not spousal consolidation — have their debts forgiven. She feels left out because of a choice they made long ago at the behest of their loan officer.

But the confusion around PSLF is not limited to joint consolidation borrowers. A new estimate from the Student Borrower Protection Center suggests that, of the 9 million borrowers eligible for the new PSLF waiver, only 2% received relief.

Even if President Biden extends the PSLF waiver past October, to give borrowers more time to qualify, joint consolidation borrowers will continue to wait. The only thing that can change their situation is an act of Congress. Until then, Malone says she and her husband are trying not to think about all that debt too much.

When asked how their lives would change if they qualified for the PSLF, nearly all joint consolidation borrowers NPR interviewed wanted the same thing: a savings account.

They hope to start saving for the future, rather than paying interest on the past.

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Officials excluded from student loan cancellation plans: NPR https://cec-ugc.org/officials-excluded-from-student-loan-cancellation-plans-npr/ Tue, 14 Jun 2022 07:00:16 +0000 https://cec-ugc.org/officials-excluded-from-student-loan-cancellation-plans-npr/ A short-lived program in the early 2000s allowed married couples to consolidate their student loans at a lower interest rate. Now many are missing thousands of dollars in loan forgiveness. Teachers, firefighters and government workers are clamoring to disentangle their student loans from those of their spouses in time to clear their debt with the […]]]>
Candidates stamped with a "refuse" stamp.

A short-lived program in the early 2000s allowed married couples to consolidate their student loans at a lower interest rate. Now many are missing thousands of dollars in loan forgiveness.

Teachers, firefighters and government workers are clamoring to disentangle their student loans from those of their spouses in time to clear their debt with the Forgiveness of Public Service Loans (PSLF). President Biden revamped the program last October, but to receive the benefits — including student loan forgiveness after 120 qualifying payments — borrowers must have their paperwork by October this year.

“We keep getting these notices about, ‘Hey, waiver of public service loan forgiveness, you might qualify. Try it,’” says Becki Vallecillo, a longtime kindergarten teacher in Anderson, SC.” And it’s heartbreaking every time.”

Vallecillo and her husband, Eric, found out early on that they didn’t qualify. As a kindergarten teacher and school counselor, she meets all the criteria, except one: her loans are consolidated.

She was on the phone several times with her loan officer. “The last time I did it, I was literally in tears at the end. I had spent about four hours on a Saturday getting transferred and bouncing back: ‘Go to this website, do this paperwork, talk to that person'” Vallecillo said. But the answer is always the same.

More than 14,000 borrowers combined their student loan debt in the late 1990s and early 2000s through a process called spousal consolidation. It offered borrowers the allure of a single monthly payment and a lower interest rate.

But there was a fundamental flaw: the program had no way to separate the original loans once merged. Even in cases of divorce or domestic violence, these debts cannot be unwound. Congress eliminated the spousal consolidation option in 2006, but never created a system for dealing with participating borrowers.

Today, many borrowers – regardless of their marital status – are missing thousands of humanitarian aid. In many cases, the combined debts exceed $100,000, and in some cases the couples owe more than $200,000.

Two Democratic lawmakers: Sen. Mark Warner of Virginia and Rep. David E. Price of North Carolina say they have a simple solution: change the wording and allow loan separation. They first introduced a bill to that effect in April 2021, but since then the Joint Consolidation Loan Separation Bill has become embroiled in the larger student loan forgiveness debate.

“I’m not saying you should just get rid of all student loans, which would be great, right? says Patrick Shattuck, an English teacher at Santa Ynez High School in California. “I just say, ‘Can I please pay my share?’ That’s all I want to do.”

Shattuck is divorced and still owes over $170,000 in combined debt to his ex-wife, the vast majority of which is not his.

A few months ago, after an NPR article looked at the program, affected borrowers began working together to coordinate their lobbying efforts. They formed a Facebook group, which now has nearly 400 members from across the country, in hopes of reframing the issue. It worked. Their efforts brought the bill back to the Senate with renewed hope in May.

“It’s almost like the minute this comes to the politicians’ attention, they’re like, ‘this is a slam dunk,'” Shattuck said.

But the invoice is already blocked again. And with the prospect of broader loan cancellation looming, borrowers and lawmakers are getting nervous.

“I want to cry because I’m like, ‘Oh my God, what have we done?’ “says Cynthia Malone. She is a licensed clinical social worker with the Office of the Public Defender in Columbia, Missouri. She works with the death row population and the appeals process to review claims.

She is married to a probation officer. Between them, they have decades of public service — and more than $110,000 in student loans combined.

Malone says the hardest part of their situation is watching co-workers with the same experience — but not spousal consolidation — have their debts forgiven. She feels left out because of a choice they made long ago at the behest of their loan officer.

But the confusion around PSLF is not limited to joint consolidation borrowers. A new estimate from the Student Borrower Protection Center suggests that, of the 9 million borrowers eligible for the new PSLF waiver, only 2% received relief.

Even if President Biden extends the PSLF waiver past October, to give borrowers more time to qualify, joint consolidation borrowers will continue to wait. The only thing that can change their situation is an act of Congress. Until then, Malone says she and her husband are trying not to think about all that debt too much.

When asked how their lives would change if they qualified for the PSLF, nearly all joint consolidation borrowers NPR interviewed wanted the same thing: a savings account.

They hope to start saving for the future, rather than paying interest on the past.

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More than 9 million people are eligible for the Student Loan Forgiveness Program, according to the report: Are you eligible? https://cec-ugc.org/more-than-9-million-people-are-eligible-for-the-student-loan-forgiveness-program-according-to-the-report-are-you-eligible/ Sun, 12 Jun 2022 13:58:00 +0000 https://cec-ugc.org/more-than-9-million-people-are-eligible-for-the-student-loan-forgiveness-program-according-to-the-report-are-you-eligible/ (NEXSTAR) — More than nine million Americans could qualify for federal student loan forgiveness under a program already in place, according to a new estimate. The Student Loan Protection Center released a new report on Thursday that looked at government data and found that millions of public service workers are likely eligible for debt forgiveness […]]]>

(NEXSTAR) — More than nine million Americans could qualify for federal student loan forgiveness under a program already in place, according to a new estimate.

The Student Loan Protection Center released a new report on Thursday that looked at government data and found that millions of public service workers are likely eligible for debt forgiveness under the loan forgiveness program. of the civil service, but have not yet filed the documents to start the process.

The Public Service Loan Forgiveness Program, or PSLF, was created in 2007 to help employees of nonprofit and government organizations cancel their student loans after ten years of payments (120 payments in total). The overall approval rating among applicants was low – only 1 in 5 of the 1.3 million borrowers seeking debt relief through the PSLF were on track for relief by 2026, according to a September 2021 report from The Washington Post.

In 2021, the U.S. Department of Education announced a change that temporarily waives some PSLF requirements to provide borrowers with credit toward loan forgiveness, regardless of their federal loan type or they had been enrolled in a specific payment plan. This waiver is currently due to expire after October 31, 2022.

As of early May 2022, the federal student aid office reports that only about 127,000 borrowers were eligible for a rebate under the PSLF’s limited waiver.

Of the nine million public service workers, according to the SBPC, who are eligible for a rebate under the PSLF, less than 15% have even filed paperwork to track their progress toward debt cancellation. According to the SBPC, California, Texas, Florida and New York have the most public service workers with student loan debt.

The Department of Education has not yet responded to Nexstar’s request for comment regarding SBPC’s report.

What you need to know about qualifying for the PSLF

As explained above, the PSLF aims to grant eligible civil servants debt forgiveness after a certain number of payments.

Eligible borrowers must:

  • Be employed by a U.S. federal, state, local, or tribal government or nonprofit organization (federal service includes U.S. military service)
  • Work full-time for this agency or organization
  • Have direct loans (or consolidate other federal student loans into one direct loan)
  • Make 120 qualifying payments

Under the current PSLF exemption, eligible borrowers can receive credit for payments made on other types of loans, under any payment plan, before consolidation or after the due date. . Those who have received the teacher loan forgiveness can apply for the period of service that led to their PSLF eligibility, if they can certify PSLF employment for that period.

How to determine if you qualify

The first step in determining your eligibility is to visit the FSA website and log into your account. You will be able to search for your employer in the FSA database and add information about your employment. Once you have found your employer, you will be able to see if they are eligible for the PSLF.

Next, according to SBPC’s step-by-step guide, you’ll want to determine what type of federal student loan you have. Direct loans are eligible for the PSLF while other loans must be consolidated into a direct consolidation loan. Until the end of October 2022, previous eligible payments you have made on a non-direct loan will count towards the 120 necessary payments that PSLF requires for forgiveness.

Once you have completed the steps above, you will need to confirm your employment. You should then be able to submit your PSLF form.

The FSA has created a help tool to guide borrowers in completing the form.

Who is eligible for already approved student loan forgiveness?

Although widespread student loan forgiveness has yet to become a reality, some US borrowers have already received debt relief. About 1.3 million borrowers have seen $25 billion in student debt forgiveness since President Biden took office.

So far, thousands of borrowers have received $6.8 billion in debt forgiveness “thanks to PSLF improvements”, according to the Department of Education. About 690,000 other borrowers saw a total of $7.9 billion in student loans forgiven through releases due to borrower defenses and school closures. More than 400,000 borrowers have received more than $8.5 billion in debt forgiveness through total and permanent disability release.

Biden will likely announce his plans for more widespread student debt forgiveness in July or August, The Wall Street Journal reported Monday.

WXIN’s Matt Adams contributed to this report.

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Column: I will not accept student loan forgiveness if offered | Columnists https://cec-ugc.org/column-i-will-not-accept-student-loan-forgiveness-if-offered-columnists/ Fri, 10 Jun 2022 21:00:00 +0000 https://cec-ugc.org/column-i-will-not-accept-student-loan-forgiveness-if-offered-columnists/ Jacob Bayer In the movie “Cinderella Man”, we learn the true story of boxer James Braddock. Braddock was injured just before the Great Depression, losing his ability to support his family through boxing. He did everything he could to try and support his wife and children, from selling all their stuff to trying to hide […]]]>

Jacob Bayer

In the movie “Cinderella Man”, we learn the true story of boxer James Braddock. Braddock was injured just before the Great Depression, losing his ability to support his family through boxing. He did everything he could to try and support his wife and children, from selling all their stuff to trying to hide his injury so people would hire him for odd jobs on the streets. docks.

In one particularly touching scene, he gives his meager meal of a single slice of ham to his daughter, claiming to be full from having eaten a large steak in his dream.

It was only in this state of poverty that he finally sought help from the government. He was ashamed that he needed help, but he really needed it, and he was humble enough to go get it.

Later, he is able to get a second chance at boxing and earns more money than he has made in years on the docks. He then brings a large wad of cash to the lady giving government money for the exact amount she had given him over the years.

James Braddock felt a sense of debt to those who had helped him through a difficult time, and it drove him to repay that debt. He was a man of extreme integrity at a time when integrity was highly valued.

People also read…

Compare that with today’s culture.

When I was in college 10 or 15 years ago, I was a newly married student doing the best I could, but also taking out loans to pay my tuition.

My wife and I attended a party with friends, and one of them casually joked, “Should we use your food stamps or mine to pay for food?” What was a shameful sign that you couldn’t support your own family during the Great Depression had become a justified joke within a few generations.

The joke shocked me, because I wasn’t on food stamps, nor had I considered trying to get any. I took out loans to supplement my funds and repaid them as soon as I had the chance.

I still repay some of those loans to this day.

Today, many openly seek to cancel their debts, debts they voluntarily contracted to obtain their studies. Not only did they choose to pursue this education, but they chose the subjects on which they would be educated. Apparently they thought the expense was worth it before going into debt.

Comparing that with James Braddock not having to pay his debts, you see how our sense of duty and responsibility has plummeted.

I believe it is time to return to integrity, to be true to our word. The sad thing is that the more of us who act legitimately and take what is not ours when we don’t need it, the more people will assume that those who actually need it don’t don’t need it.

There are many who really need help all around us. The only effective way for us to identify those in need is to encourage accountability, both in our local community and in national politics.

One thing that would help that happen would be for people who still have student debt to contact their congressmen and senators and tell them that we don’t want their debt forgiven. We want to be treated as trustworthy men and women.

Jacob Bair holds a Ph.D. in materials science and engineering and is an assistant professor at Oklahoma State University.

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Tuition insurance: is it worth it? https://cec-ugc.org/tuition-insurance-is-it-worth-it/ Wed, 08 Jun 2022 22:21:58 +0000 https://cec-ugc.org/tuition-insurance-is-it-worth-it/ Tuition insurance is a type of coverage that reimburses students for a portion of their education costs if they have to drop out due to injury or illness. Tuition insurance can save you thousands of dollars in tuition and related expenses in an emergency, but it’s not always necessary. Many colleges offer their own leave […]]]>

Tuition insurance is a type of coverage that reimburses students for a portion of their education costs if they have to drop out due to injury or illness. Tuition insurance can save you thousands of dollars in tuition and related expenses in an emergency, but it’s not always necessary. Many colleges offer their own leave policies that serve a similar purpose, so it’s important to research all of your options before enrolling.

What is Tuition Insurance?

College Tuition Insurance, also known as Tuition Reimbursement Insurance, covers tuition and qualification fees in the event of an emergency resulting in unexpected withdrawal during a university semester.

Although each policy has different regulations, illness, accident or emergency should generally be considered debilitating and render the student unable to continue their studies. In some cases, chronic or pre-existing conditions may be eligible for coverage in addition to unforeseen illnesses and injuries.

What Tuition Insurance Covers

The specifics of tuition insurance coverage vary by provider and your school. However, most providers cover tuition, room and board, and costs after:

  • A death in the family.
  • A life-changing illness or injury.
  • A chronic illness, disability or injury.
  • A debilitating mental condition or illness.

In the wake of the COVID-19 pandemic, providers are also beginning to offer pandemic or epidemic coverage. GradGuard, a leading tuition insurance company, includes COVID-19 coverage on all plans purchased beginning February 18, 2022.

How much does tuition insurance cost

On average, tuition insurance costs about 1% of your total tuition, according to the National Association of Insurance Commissioners. However, the amount of coverage is flexible.

Depending on policy, some providers may allow you to cover a portion of your tuition, although most cover costs per academic semester and require you to renew your coverage each semester.

When is tuition insurance worth it?

It is not uncommon for students to drop out of college for a semester or longer due to health issues. For this reason, many schools have safeguards in place that allow students to do this at no additional cost, at least during the first few weeks of school. If your school has clear refund policies for withdrawals, tuition insurance may not ultimately make sense. The biggest risk is withdrawing towards the end of the semester, when schools may be more reluctant to offer even partial refunds.

College tuition insurance may be worth it if your school does not offer reimbursement for medical withdrawal or if it does not cover your anticipated needs. For example, if you have a pre-existing mental health condition and your school does not cover it in its reimbursement policy, you might consider tuition insurance. If you cannot find the information you need or the details are unclear, contact the Financial Aid Office or the Registrar’s Office for more information.

Tuition insurance can save you thousands of dollars in the event of withdrawal, but it’s only worth it after you do the proper research on your school’s policy and the cost of insurance; otherwise, you’re wasting money on free coverage from your school.

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Florida couple paid off $190,000 in student loan debt in 27 months: ‘Get on a budget’ https://cec-ugc.org/florida-couple-paid-off-190000-in-student-loan-debt-in-27-months-get-on-a-budget/ Tue, 07 Jun 2022 06:00:02 +0000 https://cec-ugc.org/florida-couple-paid-off-190000-in-student-loan-debt-in-27-months-get-on-a-budget/ NEWYou can now listen to Fox News articles! Student loan debt is a hot topic right now among millions of Americans. The Biden administration recently announced it would write off outstanding student debt for anyone attending schools operated by Corinthian Colleges, formerly one of the largest for-profit education companies. The administration also floated the idea […]]]>

NEWYou can now listen to Fox News articles!

Student loan debt is a hot topic right now among millions of Americans.

The Biden administration recently announced it would write off outstanding student debt for anyone attending schools operated by Corinthian Colleges, formerly one of the largest for-profit education companies.

The administration also floated the idea of ​​canceling other student debt.

But people who have worked hard and played by the rules to live debt-free have their own thoughts on the idea of ​​student loan forgiveness.

NJ COLLEGE GRADU PAYS OFF $70,000 IN STUDENT LOANS BY STARTING USED BOOK BUSINESS

Florida resident Sherman Merricks thought his college debt was a burden he would never get rid of, but he finally did. In an interview with Fox News Digital, he talked about his total debt of $203,000, which came mostly from student loans.

“I really had no financial plan to go to college,” he said.

Sherman Merricks had a total debt of over $200,000, of which nearly $190,000 came from student loans. (Merricks family)

He said he assumed he would “go to college and figure it out when I [got] the. They make it pretty easy for you to take out all those student loans at 18,” he added.

Merricks earned an undergraduate degree in psychology from a private university before continuing her education and earning her master’s degree in biomedical science.

Merricks, a small business owner, said he pays at least $300 a month on his loans and expects to continue paying that for the rest of his life.

FLORIDA-BASED MOM PAYS OFF $40,000 IN STUDENT DEBT AFTER EXPERIENCING ‘PAYCHECK TO PAYCHECK’

On top of nearly $190,000 in student loan debt, Merricks and his family added another debt by buying a vehicle, though they paid it off fairly quickly, they said.

Cristina and Sherman Merricks of Gainesville, Florida own two small businesses: a CrossFit gym and a commercial marketing company.  (Noah Avery Photography)

Cristina and Sherman Merricks of Gainesville, Florida own two small businesses: a CrossFit gym and a commercial marketing company. (Noah Avery Photography)

Merricks and his wife, Cristina, have owned and operated a CrossFit gym in Gainesville, Florida for about 10 years.

To try to boost their income, they also opened a sales marketing business just months before the COVID-19 pandemic hit in 2020. “We started the second business and it took off,” he said. -he declares.

The family set a tight and strict budget – saving everything they could.

Merricks said it was what made him believe that one day he could repay his loans in full.

With interest rate hikes on hold for student loans amid the coronavirus pandemic, Merricks said it was all about paying down debt. The family set a tight and strict budget, saving everything they could.

OHIO WRITER PAYED OFF $48,000 IN STUDENT LOANS IN 14 MONTHS: IT WAS ‘AN ADVENTURE’

The couple also took Dave Ramsey’s Financial Peace University course early in their marriage – which they credit with their newfound understanding of debt and how to get rid of it.

Cristina and Sherman Merricks paid off $203,000 in debt by doubling their income and doubling their payments.  (Merricks family)

Cristina and Sherman Merricks paid off $203,000 in debt by doubling their income and doubling their payments. (Merricks family)

Megan McConnell, senior public relations manager for Ramsey Solutions, said the course gives step-by-step advice on how to pay off debt.

It also teaches people how to save for emergencies and for the future while building wealth.

With every $1,000 the couple paid, the kids filled in a space on a board at home.

“I’m a driven, driven person, so I could see the student loan balance go down,” Merricks said.

“I hadn’t seen the number go down in ages. That was a big motivation for me.”

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The couple even involved their three children – Kayden (14), Ariana (11) and Judah (8) – in the project.

With every $1,000 paid, the kids filled in a space on their board at home.

Merricks said it helped children understand why “no” was sometimes their parents’ response when children asked for things; the process also showed children how to set and achieve a goal.

The family created a chart for the children to mark each time a $1,000 payment was made.  (Merricks family)

The family created a chart for the children to mark each time a $1,000 payment was made. (Merricks family)

In just 27 months, the couple said they paid off $203,000 in debt.

They give credence to their faith – and believe they have been extremely blessed during this time.

“I really feel like it was just the Lord’s blessing. He was just blessing our business,” Cristina Merricks said.

The family of five lives in Gainesville, Fla.;  Sherman and Cristina Merricks are pictured with their children (left to right): Kayden, Ariana and Judah.  (Noah Avery Photography)

The family of five lives in Gainesville, Fla.; Sherman and Cristina Merricks are pictured with their children (left to right): Kayden, Ariana and Judah. (Noah Avery Photography)

When asked if they would do anything differently, the couple answered with a firm “no”.

For those in the same situation as them, the couple recommends keeping a strict budget and finding ways to increase family income.

Sherman Merricks believes that if the government chooses to forgive student loans, taxpayers will pay.

As for the conversations these days about the potential for a large student loan forgiveness from the Biden administration, Sherman Merricks thinks that’s just lip service.

“The government is going to lose too much money, and we know the government is not going to lose money,” he said.

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Merricks thinks that if the government chooses to cancel student loans, American taxpayers will end up paying.

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What loan forgiveness means for an alumnus of Corinthian Colleges : NPR https://cec-ugc.org/what-loan-forgiveness-means-for-an-alumnus-of-corinthian-colleges-npr/ Sat, 04 Jun 2022 21:11:25 +0000 https://cec-ugc.org/what-loan-forgiveness-means-for-an-alumnus-of-corinthian-colleges-npr/ The Department of Education will forgive all federal student loans from the now-defunct corporation. NPR’s Elissa Nadworny discusses it with former student Ann Bowers and journalist Josh Mitchell. ELISSA NADWORNY, HOST: The US Department of Education announced this week that it will forgive billions in federal student loans for those who attended college campuses belonging […]]]>

The Department of Education will forgive all federal student loans from the now-defunct corporation. NPR’s Elissa Nadworny discusses it with former student Ann Bowers and journalist Josh Mitchell.



ELISSA NADWORNY, HOST:

The US Department of Education announced this week that it will forgive billions in federal student loans for those who attended college campuses belonging to the defunct for-profit Corinthian colleges. According to the department, the $5.8 billion loan cancellation is the largest discharge in its history. The decision will impact more than half a million students who have attended Corinthian-owned schools such as Everest Institute, WyoTech and Heald College. Corinthian closed in 2015 after the Department of Education discovered it had misled students about placement rates and the ability to transfer credits. Since then, former Corinthian students have been seeking closure by campaigning with the federal government to cancel their student loans.

We wanted to know more about how former students are living this moment, so we called one of these former students. Ann Bowers attended Everest College, and she joins us now. Anne, welcome.

ANN BOWERS: Thank you, Elissa.

NADWORNY: And to help us understand the Biden administration’s broader approach to loan forgiveness, we called Josh Mitchell. He reports on the economy for the Wall Street Journal. Welcome, Josh.

JOSH MITCHELL: Yes, thank you.

NADWORNY: So, Josh, I want to start with you. Can you give us a brief overview of how the Ministry of Education arrived at this decision?

MITCHELL: In the early 2010s, a group of states and the federal Department of Education began investigating this large, for-profit chain, Corinthian Colleges. It was a huge for-profit chain that offered online courses, as well as courses across the country at physical campuses, you know, for two-year programs in business, accounting, healthcare, and so on. And they started getting complaints from former students about placement rates. These colleges were telling students things like, if you come to this campus, we place 92% of our students in jobs once they leave.

So they gave students this impression that if you signed up and paid thousands of dollars in tuition, you were almost guaranteed to have a really good job when you left school. And it turned out that a lot of those students were coming out of those programs and not finding jobs. So, for example, on some of these campuses, they would say a 92% placement rate. But a state attorney general and the Department of Education have begun reviewing their books. They actually discovered that some of those placement rates were actually 12%.

And so many students have been misled by these surveys. And so for years, there were a lot of people across the country and a lot of poor people who enrolled on these campuses who just couldn’t repay their loans. And they argued that they had been deceived by the recruiters of these schools. And so the — now the Biden administration has now said we’re going to use the Higher Education Act to essentially cancel their loans. They have the right not to have to repay their debt because they contracted it under the wrong circumstances.

NADWORNY: So, Ann Bowers, I want to know how you’re experiencing all of this as it was happening. So Josh kind of gave us the context. Tell us your story.

BOWERS: With me, I didn’t know any of this was happening. I was too busy with my studies, of course, you know, I was just trying to do my best because I was disabled and trying to get out of my disability and be able to start my own business in marketing. Well, I got a call or text from a classmate and asked me if I heard what was going on at school, and I had no idea. And so he says, well, Google. I did it. And I said, oh, my God. The reaction I got was just horrible. And I’m like, OK, what do I do now? I am halfway through my baccalaureate.

And I started looking for other schools to go to, possibly transfer to, you know, and found out that Corinthian had taken all my money. They set me up for their private loans. This was their next step with me, as they have done with many, many students. We were trying to figure out, what will we do next? Where are we going? You know, what do we do about this? We have all this debt and we don’t have our diplomas. And the degrees we have are worthless because this school committed fraud. No one will want to hire their students. So our only choice was to decide to go on strike. We don’t pay. We can’t pay it.

NADWORNY: Well, Josh, I want to move on to this week’s announcement by the Department of Education. Can you explain what this action does, like, what sets it apart?

MITCHELL: So the Department of Education uses this law called defense against reimbursement. And the lawyers had discovered this long dormant law. And it’s pretty blurry. It basically says that if you can prove that you have been defrauded by your school, you have the right to have your loans canceled by the Department of Education. But the question was for years, how to prove that? What can be considered proof? And so the Obama administration and then the Trump administration tried to come up with rules that basically set out a process for borrowers to come to the department and say, I’ve been defrauded, here’s my evidence, please cancel my loans. And hundreds of thousands of people have done it. But there’s been this huge backlog because it’s just a huge bureaucratic process to go through.

And so basically this week the Biden administration said that instead of having individual borrowers hundreds of thousands of people come into the department and have, you know, employees review every application, they just said we We were just going to undo that in a mid-air shoot down. What’s interesting is that it’s not just Corinthian that has had these issues. There are plenty of other college alumni across the country at other for-profit colleges who have basically said the same thing. And they always ask for the cancellation of their loans. And so the Biden administration, as they’ve taken this big step, they’re also writing rules going forward to try to clarify when students can get their loans forgiven, and if future classes, you know , future groups, not just individuals, may also have their loans forgiven.

NADWORNY: Ann, I wonder if you could tell us a bit about – you got loan forgiveness in 2018, but not a lot of your peers. Did you talk about them – what it will mean for them now?

BOWERS: Oh, they’re related. We’re glad that happened. It gives hope to other students. And it changes a lot of lives because this debt that’s hanging over their heads prevents them from living their lives and, you know, supporting their families and–or buying a house.

NADWORNY: Josh, I want to ask you about the midterm election year. Right? Much of the talk among Democrats centers on widespread loan forgiveness at all universities and colleges. There are reports that the Biden administration is considering the plan to cancel $10,000 in loans for all borrowers. People in his own party say that is not enough. What does this week’s announcement on Corinthian colleges tell us about what the administration thinks about the future?

MITCHELL: The administration has always taken a more moderate approach within the Democratic Party when it comes to canceling student debt. And Elizabeth Warren, for example, during her presidential campaign demanding $50,000 at all levels. You had Bernie Sanders wanting to be even more aggressive in canceling student debt. So the Biden administration and President Biden have tried — looked for a more moderate approach, which is, let’s do $10,000 across the board if Congress does. They are now considering doing so through executive action. It is reported that they may not make 10,000 for everyone, but they will for people below a certain income threshold. But the larger administrative approach is basically trying to, you know, write off the debt of the most disadvantaged people, you know, groups that have really, you know, really been wronged by their schools, who have been cheated by their schools. And so that was the broader administrative approach. And I think this is an example.

NADWORNY: It was Josh Mitchell. He is an economics reporter for the Wall Street Journal. We also heard from Ann Bowers. She is a former student of Everest College. Thank you both very much for being with me.

MITCHELL: Of course. Thanks.

BOWERS: Thank you, Elissa.

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